Thursday, January 16, 2014

Consolidation Phase

Indices pulled back a bit intraday, but all in all, for now this is just a consolidation. For the Dow and S&P500 this still looks like they're building more of a base. Tech and small caps already seem to be going higher, slow but steady (or how most people experience a regular bull-market: slow, boring action in indices).

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro is still near 1.36. But the setup on the daily chart looks more like a possible short while three days ago, it seemed to be setting up for a bounce higher.
Oil closed breakeven. A possible consolidation before breaking higher.
Metals were mixed with gold slightly gaining and copper and silver mildly down.

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